Upmann Corona Majors or Partagas Petite Corona Especiales are relatively inexpensive and smoke well fresh. As for the liquor there are a lot of great suggestions already made. However, no matter what you serve, your guest should enjoy it the way they see fit. Not in the way you expect them to enjoy it. If the cost/quality is a problem, then serve something less "special". When I serve booze/cocktails, my only concern is that my guests enjoy their beverage.
